Crypto expert Tony Severino noted a key retest of the monthly upper Bollinger Band during Bitcoin's market fall. Severino highlighted this technical signal, which tracks market volatility and probable reversals, on social networking site X.
He says this pattern resembles January 2024, which led to a big rally following a similar retest.
Tony Severino's daily candlestick chart shows the top Bollinger Band slightly over $96,000, Bitcoin's current price. This Bollinger Band retest shows Bitcoin may be regaining strength following recent losses.
In 2024, Bitcoin behaved similarly to the present price trend, according to Severino. Bitcoin's price rose 86% after a similar retest of the monthly upper Bollinger Band in January 2024.
After a significant climb from late 2023, Bitcoin was around $46,000. Bitcoin briefly fell below $40,000 in January to test the upper Bollinger Band. This test launched a rally and helped Bitcoin breach its all-time high and exceed $70,000 in March for the first time.
Severino said Bitcoin may reach $178,000, the high end of his goal zone, if it replicates this 86% rise. Bitcoin might peak on January 20, 2025, according to another researcher.
Bitcoin is now at $96,402, near the upper Bollinger Band. In the previous 24 hours and 7 days, the top cryptocurrency has fallen 2.11% and 5.4%, respectively.
Over $5.72 billion in Bitcoin gains from this retreat have increased short-term selling pressure. Bitcoin's Relative Strength Index (RSI) has dropped drastically from 69 on December 17 to 45 today, reflecting this correction.
There are signs that selling pressure may be receding. Because Bitcoin has found support at 43 on the RSI since September. This support might help Bitcoin's rise to $178,000. #BTCNextMove #MarketPullback $BTC $ETH $BNB
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